Recently, there has been a lot of talk about the legal status of crypto coins in India. This year the central authorities of the country suggested to entirely ban crypto transactions. The National Association of Software and Services Company (NASSCOM) took a stand against the cryptocurrency ban in India, stating that that’s not a comprehensive solution.
The statement by the National Association of Software and Services Company read that the trade association thinks that the suggestion by the Inter-ministerial Committee to ban crypto transfers, with the exception of government-backed coins, is not a reasonable way to deal with crypto coins. On the contrary, the Indian authorities should try to create a regulatory framework based on risks and manage crypto transfers in the country.
The proposal that has not become law yet is going to turn any activity regarding crypto coins illegal. The exception to the rule will be crypto coins monitored by the government of the country.
Besides the trade association, many people involved with cryptocurrency and blockchain opposed this idea of the ban saying that the use of crypto coins will not be halted because of this. Because of the unique architecture of the blockchain, it can not be tracked where the transactions were made from.
Despite the backlash, the proposal still has many proponents in the government and among citizens.